EOS Gunnin' for the Highs at the ATHWR! BTS touched PATHWR and bounced!
In my last post, I talked about PATHWR (Previous ATH Wick Range) and how PATHWR acts as a support zone once price breaks through it.
EOS is currently in inside ATHWR ($11.50 - $12.58) after leaving a very long tail during yesterday's alt selloff. Conversely, when price is approaching the ATHWR or PATHWR, it usually acts as resistance until it is breached with increasing volume. Let's see if this region will act as resistance or whether EOS will just break through and make new highs.
Since writing this post, the ATHWR is acting as resistance as EOS price has pulled back to $11.35, just outside the lower range of the ATHWR of $11.50. I could see the ATHWR acting as resistance for the next few weeks and forming an ascending triangle before convincingly making new ATHs.
BTS PATHWR is also in play. Check it out:
The past 2 trading days have touched the upper range of the PATHWR @ around $0.51 and bounced right back up to $0.59. With a decent sized position in BTS at the moment, I will likely not add to the position until price tests the lower range at $0.40.
Hope I explained this thoroughly, but if not feel free to comment below. This is just another trading tool you can add to your repertoire.
Disclaimer: This post is not meant to be a recommendation to buy or sell any financial instrument. Do not invest money you cannot afford to lose. Always do your own research.
EOS is getting very close to all time highs. Volume is relatively low, so if I had to guess, price should pull back below the ATHWR.
Otherwise if EOS makes new highs on elevated volume, look for the PATHWR as a support level.
Interesting that EOS hasn't seen the regulatory backlash some of the other cryptos have seen in the wake of the South Korean potential ban and Warren Buffet criticism. I imagine the decentralization is a big driver of that. Thoughts?
Yeah, EOS has been really resilient the past few days along with ETH. Not sure about the SK bans, but I think it's all noise in the grand scheme of things. Cryptos are going higher this year. There will be retracements along the way, but we are in front of one of the biggest bulls in our lifetime.
Hey man, nice info! I'm in on both of these, good to see EOS performing, I'm definitely hoping it sticks around this resistance line temporarily so I can pick up some more... BTS on the other hand I'd like to see moon haha. Thanks for the analysis, I really gotta save my upvotes because my VP is way low but I'm following you.... ahhh hell why not
Thank you sir and appreciate the follow bud! I've been following @cryptographic (missed out on his 10k to a million run) so naturally I'm building positions in BTS and steem. I follow some EW theorists who have some very high projections for BTS, including @haejin. Follow him if you haven't already.
I would be careful using margin as it is a double-edged sword. Quadruple the gains, but also quadruple the losses. I personally don't use margin, but it can be quite advantageous if used in correctly. @cryptographic is getting cautious, a conservative strategy could be buy 50% of your position. If steem drops, buy the rest of the position and if steem falls even further, then start considering using the margin.
of course, I need crypto advice all the time haha, what all are you holding?
I'm in on VEN, EOS, STEEM, BTS, QSP, BAT, ICX, NEO, BQX, and ZCL
Feeling pretty good about them, feel like I'm spread a bit thin but everything is performing pretty well
building long term STEEM and BTS positions. I'm spread out across a basket of alts and plan to just swing trade those. Recently, got into EOS XLM XVG. Hope all those EW predictions start happening lol
I did a margin call for BTS at a ratio around 4, does that seem smart to you?
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